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Personal bankruptcies decrease in 2011

Last week, the National Bankruptcy Research Center announced that personal bankruptcies decreased by 12 percent in 2011.  A total of 1.35 million people in the U.S. filed for Chapter 7 or Chapter 13 bankruptcy last year.

In 2010, about 1.5 million people filed for personal bankruptcy.  While about 1 in every 150 Americans filed for bankruptcy in 2010, about 1 in every 175 Americans filed for bankruptcy in 2011.

Last year, Chapter 7 bankruptcies filed in the U.S. deceased by 17 percent, and Chapter 13 bankruptcies decreased by 25 percent.  Chapter 7 and Chapter 13 bankruptcies are the most common types of bankruptcy in the U.S.

Bankruptcy filings increased slightly in late 2011.  Because of this, experts expect to see growth in bankruptcy filings in 2012.

To learn more about the benefits of filing for personal bankruptcy, contact the Birmingham personal bankruptcy attorney, Paula Greenway, at (205) 324-4000 today.

Bankruptcies down in fiscal 2011

The American Bankruptcy Institute, a bankruptcy filing research organization, recently reported that bankruptcy filings dropped in fiscal 2011.

A total of 1.47 million bankruptcies were filed in the U.S. through September.  According to the ABI, this fiscal year’s filings were 8 percent lower than the total number of bankruptcies filed in fiscal 2010.

Overall, business bankruptcy filings were 18 percent lower in fiscal 2011 than in fiscal 2010.  Personal bankruptcy filings also decreased by 11 percent.

1.06 million personal bankruptcies were filed between January 2011 and September 2011. Samuel J. Gerdano, executive director of the ABI, stated, “The decline in consumer bankruptcies is the residue of a sustained debt deleveraging by U.S. households.”

If you or someone you know is seeking assistance filing for personal bankruptcy in Birmingham, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about how we can help you.

Alabama Aircraft Industries submits reorganization plan

This week, Alabama Aircraft Industries Inc. submitted a reorganization plan that proposes selling the majority of their assets to Kaiser Group Holding out of Virginia for $500,000.

Chief Executive of the military aircraft modification company operating out of Birmingham-Shuttlesworth International Airport said of Kaiser, “Their plan is that they intend to continue to operate the facility as a maintenance and overhaul center.  They have the financial stability that we require right now.”

The company filed for bankruptcy in February listing around $69 million in debt to the United Auto Workers pension plan.

If you or someone you know is struggling financially and wants to learn more about the benefits of filing for personal bankruptcy, contact the Birmingham personal bankruptcy attorneys of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Percentage of seniors filing for bankruptcy on the rise

Several recent bankruptcy studies have concluded that the percentage of seniors seeking bankruptcy protection is on the rise.

For instance, one study says that in 2006, seniors accounted for 7.8 percent of the nation’s total bankruptcy filings.  In 2009, the number of seniors filing for bankruptcy increased to 8.3 percent of the total amount of bankruptcies filed in the U.S.

Experts in bankruptcy say that the demographic of people age 65 and older is the fast growing demographic choosing bankruptcy.  One study notes, “While health issues and medical debts are also contributing to bankruptcy filings by the elderly, credit card debt among the elderly has also risen, with a median of $22,562 being owed to credit card companies among filers 65 years and older.”

Contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today, if your or someone you love is seeking experienced legal representation to assist them in filing for bankruptcy.

Personal bankruptcies decrease in 2011

709,303 personal bankruptcies were filed between January 1, 2011 and June 30, 2011.  This is 7.9 percent fewer than the number of personal bankruptcies filed in the same time period in 2010.

According to the American Bankruptcy Institute, 2010 had the highest number of bankruptcies filed since new bankruptcy laws went into effect in 2005.  Experts predict that a total of 1.46 million bankruptcies will be filed in the U.S. by the end of this year.

119,768 personal bankruptcies were filed in the U.S. in June.  This is a 4.3 percent increase from the number of personal bankruptcies filed in the month of May and a 5 percent year-over-year decrease.

If you are considering filing for personal bankruptcy, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 and set up an appointment to meet with one of our attorneys today.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000